Essex Property Trust

Q2 FY2026 EarningsESS.US Q2 FY26 results were mixed relative to consensus: revenue of $489.0M beat the $485.4M estimate, while GAAP EPS of $0.97 significantly missed the $1.49 expected due to $55.8M in one-time legal settlements. Despite the bottom-line miss, core operations remained robust with Same-Property revenue up 2.7% YoY and a strong portfolio beat in Northern California (+4.4% YoY). Operating cash flow of $257.8M was essentially in-line with expectations, and management authorized a new $500M buyback program to bolster shareholder returns.